Seadrill gives update on planned listing of Brazilian subsidiary

John Fredriksen controlled offshore drilling contractor Seadrill has had to change the timeline of its planned listing of Brazilian subsidiary, Seabras Serviços de Petróleo S.A. (Seabras), on the BM&FBOVESPA, the São Paulo Stock Exchange.

Seadrill reports that subsequent to the second filing with the Brazilian Securities and Exchange Commission (“Comissão de Valores Mobiliários” or “CVM”) Seabras has agreed with Petrobras to make certain changes to its corporate structure. It will not be possible to complete the proposed corporate restructuring and receive consents from lending banks and charterer within the time limit for filing based on third quarter 2011 accounts.

The implication is that Seabras will make a new filing with the CVM that reflects the revised corporate structure. This filing will include the fourth quarter 2011 accounts and is expected to be completed early March, with an anticipated listing on the São Paulo Stock Exchange in April 2012.

January 30, 2011